How might the big freeze affect you? Traditionally, most people get nowhere near breaching the pensions lifetime allowance, but that’s likely to change over the next five years. The lifetime pensions allowance is currently £1,073,100. In his Spring Budget on 3 March 2021, however, Chancellor Rishi Sunak revealed that this would be frozen until 5 […]
The pensions lifetime allowance Read More »
Pensions usually fall outside of your estate. Inheritance tax was thought to be ripe for reform in last year’s Autumn Budget but, as it happened, it was left untouched for another tax year. What that means is the £325,000 nil-rate band has been in place since 2009, while the 40% standard rate of tax that
Utilising your pension to cut inheritance tax Read More »
A property tax shake-up fuels a house buying surge. If you are considering moving home in the second half of 2020/21, you are by no means alone. In the month leading up to 8 August 2020, 149,000 properties were put on the market – the highest number since before the financial crash in 2008. This
Taxes to consider when moving home Read More »
Allowable expenses and allowances in 2021/22 If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses. By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your income tax bill in the process.
What costs can I claim for tax purpose on the business? Read More »
Planning to take advantage of low interest rates? After a challenging year for the UK’s residential landlords, you might have read about improvements to the buy-to-let mortgage market in recent weeks. In the three months to 31 May 2021, the average interest rates for residential landlords had declined. A two-year fixed-rate buy-to-let mortgage fell 0.10
Tax planning for residential landlords Read More »
HMRC has published further guidance on the SEISS, including details of how to work out total income and trading profits. There is also more detail on how to make a claim, eligibility and the interaction between the scheme and universal credit, as well as additional support on how to calculate profits and total income. HMRC
Winter economy plan includes a new job support scheme to subsidise wages, more time to pay business loans, and an extension to the VAT cut for hospitality. With the furlough scheme winding down and local lockdowns on the increase to try and curb the rising tide of coronavirus, it was almost inevitable the Chancellor would have to
Special Bulletin: Chancellor throws new jobs lifeline to save the UK economy Read More »
In current climate lots of business owners may be thinking of how to protect their assets such as properties and trade from future uncertainties and potential problems due to risks associated in current tough economic conditions. As a business owner you may be thinking about where things lies ahead. One of the example may be
Protecting your business from economic uncertainties Read More »
How to use this guide After a year like 2020, you might be forgiven for not paying much attention to organising your finances, but there’s still time to arrange your affairs as efficiently as possible before the start of the new tax year on 6 April 2021. It’s important to consider this from every angle:
Year-end tax guide 2020/21 Read More »
Are you prepared for changes to the IR35 rules? Exactly a year later than planned, changes to the off-payroll rules – known as IR35 – will take effect in the private sector next month. The emergence of COVID-19 put paid to the changes affecting large and medium-sized private-sector organisations this time last year, but now
Off-payroll working in the private sector Read More »
The Chancellor has attempted to strike a balance between continuing to prop up the businesses worst affected by COVID-19, while setting out a roadmap to wean the UK economy off this emergency support. In his second Budget and 14th fiscal announcement since succeeding Sajid Javid in February 2020, Sunak resisted the urge to start raising
Setting out the road to recovery Read More »
What’s changing for the new tax year? If there’s one thing to take away from Spring Budget 2021, it’s taking charge of your personal finances is going to be increasingly important over the next five years. With the financial fallout from COVID-19 over the last year being the fiscal equivalent of fighting a war at
Personal tax planning in 2021/22 Read More »